MANILA, Philippines — Philippine share prices gained yesterday as investors digested key points from the President’s State of the Nation Address with a particular emphasis on the power sector and the development of natural gas, according to analysts.
The benchmark Philippine Stock Exchange Composite index added 29.86 points or 0.45 percent to settle at 6,661.11.
Likewise the broader All Shares index gained 13.67 points or 0.39 percent to close at 3,540.38.
All sectors finished in positive territory led by the mining and oil sector.
Unicapital said aside from digesting key points from the State of the Nation Address, investors also took note of the US Federal Reserve’s interest rate decision later this week.
Total value turnover reached P4.3 billion. There were 90 advancing stocks and 90 decliners while 51 issues were unchanged.
Across Asia, Hong Kong led a surge across yesterday after China’s leaders pledged fresh measures to boost the nation’s stuttering economy, building on optimism that central banks were nearing the end of their rate-hiking cycle.
With data in recent months showing growth stuttering and business activity slowing, Beijing has come under pressure to provide much-needed support, particularly for the vast property sector.
US markets are enjoying a strong 2023 so far as investors grow increasingly confident the Federal Reserve will make this week’s expected rate hike its last, after more than a year of tightening.
Falling inflation and figures suggesting the country’s economy remained in rude health have fanned hopes that officials can bring prices under control without causing a recession.
A broadly positive earnings season so far has also lifted spirits on trading floors, while investors will be keeping a close eye on releases this week from Google owner Alphabet, Facebook parent Meta and Microsoft.
The European Central Bank’s policy decision is also on hand, with some observers predicting it is close to bringing the curtain down on its own tightening campaign.
Source: The Philippine Star | July 26, 2023
